Why have the annual premiums increased on our term life insurance policy?

Posted in Term Life Insurance over 3 years ago, 2 replies

I'm so confused. My spouse and I purchased term life 28 years ago when we first married, purchased a house and had no kids. After 15 yrs the annual premiums began to increase. Recently someone contacted us to convert our term policy to a universal policy now that we have reached 50 y/o. We have one son who is a junior in college. Does this make prudent sense?

submitted by Lorraine in Houston, TX

Lorraine, Most likely you purchased a 15 year level term. After 15 years your premiums would increase annually. Universal Life will guarantee your coverage for the rest of your life. Do you need coverage for ever? If not reapply for another 10, 15, 20, or 30 year term which would be alot less expensive. You can still convert your new term policy in the future.

submitted by Ronald Belham in Philly @ October 22, 2008 - 12:26 PM

Thank you so much. Your information makes sense to me and provided me with more insight than the agent did. As we both have decent life insurance coverage through our place of business I think going with a new term life is the way to go. This is just a supplemental policy.

submitted by Lorraine in Houston, TX @ November 04, 2008 - 11:18 AM

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